Senate Confirms Kevin Warsh as Federal Reserve Chair in 54-45 Vote

The Senate confirmed Kevin Warsh as Federal Reserve chair on Wednesday in a 54-45 vote that fell almost entirely along party lines. Only Pennsylvania Democrat Sen. John Fetterman supported the nomination, making Warsh the 11th Fed chair of the modern banking era.

Jerome Powell's term as chair expires Friday. Powell will remain on the Fed's board of governors, whose term runs until January 2028. No other Fed chair has returned to the board in nearly 80 years. Warsh, 56, served as a Fed governor from 2006 to 2011 and was the youngest on record during that period.

He acted as a close ally of then-Chair Ben Bernanke throughout the global financial crisis before stepping down in 2011. In the years since, he has worked as a lecturer at the Stanford School of Business. He will replace Stephen Miran on the Fed board.

Miran was appointed governor in September 2025 to fill the unexpired term of Adriana Kugler, who resigned unexpectedly in August. Miran has dissented at every Federal Open Market Committee meeting since taking his seat. The committee voted to cut its benchmark rate by a quarter percentage point at each of the last three meetings in 2025, yet Miran voiced support for a larger half-point cut.

This year he has opposed votes to hold the federal funds rate steady and has instead argued for quarter-point reductions. Warsh's first meeting as chair will be the June 16-17 session. The confirmation process began in the summer of 2025.

It faced delay after Republican Sen. Thom Tillis of North Carolina said he would block the nomination while the Justice Department investigated Powell over the Fed's headquarters renovation project. The probe was dropped in April.

Senate Majority Leader John Thune urged support for Warsh in a floor speech Wednesday morning. "It is critical that a Fed chair understand not only the macro but also appreciate the microeconomy and that's the hardworking Americans, their jobs and their livelihoods," Thune said.

" Warsh will be the wealthiest Fed chair ever, with holdings well north of $100 million that include stakes in Polymarket and SpaceX.

He promised to sell all such assets within 90 days of being sworn in. As Fed chair he must divest many investments under a strict new policy put in place after earlier disclosures of questionable trading by top officials. 8 percent in April.

Gas prices have spiked 50 percent from the Iran war. At the committee's most recent meeting last month, three members objected to language suggesting its next move would be a rate cut. The session produced the most dissenting votes in more than three decades.

Powell said at an April 29 news conference that he would remain as a Fed governor until the Justice Department closes its investigation into the Fed's building project. The Fed's inspector general has examined the renovation since last July. Warsh has previously called for "regime change" at the central bank and criticized its handling of inflation after the coronavirus pandemic.